The Governor of Lagos State, Mr Babajide Sanwo-Olu has signed the one-point-seven-five-eight trillion naira appropriation bill into law as the State budget for the year 2022.
Capital Expenditure in the budget is 1, 166, 915, 843, 358 naira, while the Recurrent Expenditure is 591, 280, 803, 486 naira with the capital to recurrent ratio standing at 66:34.
Performing the ceremony at the Lagos House, Alausa Ikeja, Governor Sanwo-Olu said the budget christened “Budget of Consolidation” is expected to consolidate on the programmes in the THEMES Developmental Agenda in Education, Infrastructure, Health, Rail, Technology, Social Intervention, Sustainable Development Goals, and other critical areas.
Clarifying that members of the Lagos State House of Assembly did not appropriate budget to themselves, Governor Sanwo-Olu attributed the difference between the one point four trillion naira appropriation bill presented to the Assembly on November 24 and the signed budget,to the need to to further accelerate the completion of ongoing infrastructure projects, while capturing all financing options for the Blue and Red Line Rail projects without putting pressure on cash flow and Debt sustainability.
“What it means is that we are closing the gap in our budget and we are creating significant value for our residents. This 2022 Appropriation Bill recognizes several other already-funded project transactions that are now being accounted for as corporate transactions. What this means is that we are now choosing to capture in the Budget the significant value already accruing to the State from these projects” the Governor said.
In his remarks, the Chairman, House Committee on Appropriation, Mr Gbolahan Yishawu who represented the Speaker of the State Assembly, Chief Mudashiru Obasa said that the budget was given expeditious approval within five weeks to ensure the speedy execution of all listed projects.
“I must thank Mr Governor that all outstanding projects that he met, he completed them and for new projects that he is starting, he is funding them to ensure that they are completed in 2022” he said
The Commissioner for Economic Planning and Budget, Mr Sam Egube who described the budgeting process as a fellowship for the good of the people described the Lagos State budget as the biggest ever.
“We are excited to take on this audacity of executing a one point seven five trillion naira budget on behalf of the people of Lagos in infrastructure projects, humanitarian intervention, bespoke financing strategy to deliver for all of us, what our aspirations have always been” Egube stated
He expressed appreciation to all Lagosians who participated in the budgeting process.
